Marion, North Carolina, October 28, 2020 – – Greene Concepts Inc. (OTC PINK: INKW) is excited to report the company has completed a debt forgiveness agreement in the amount of $340,898 previously owed to one of our largest note holders. This reduces our notes payable by 56%. The debt holder, Greene Concepts’ management and accountants have agreed to write-off and eliminate $340,898 of the third-party convertible notes from the company’s finances as debts that are no longer due.
Additionally, the Company is in the process of finalizing a substantial share buyback of its common stock. This common stock buyback will reduce the common share count by over 280 million shares. The company has taken powerful actions financially in a short time span by increasing its Assets, Cash, Inventory, and Sales.
|Greene Concepts 3rd and 4th Quarter Finance Comparisons|
|3rd Quarter Report (Period Ending 4/30/2020)||4th Quarter Annual Report (Period Ending 7/31/2020)|
Lenny Greene, CEO of Greene Concepts notes, “Today’s announcement marks an important step forward in significantly strengthening Greene Concepts’ in terms of debt reduction which wipes out 56% of our debt (over $340,000 worth of payable debt) off our books. We would like to give a profound thanks to this Debt holder for their strong work and altruism in this action. This bold and forward-looking gesture better positions us for increased revenue generation, faster inventory turnaround times, increased gross and profit margins, a rise in working capital, employee additions and positive cash flows. It also allows us to increase our assets, our cash reserves, and our total sales. We will continue to focus on the things we can control with aggressive cost management and working capital reductions. This focus will allow us to reduce debt, achieve positive liquidity and balance sheet improvement.”
Mr. Greene continues, “We are pleased to continue making strides in our ongoing efforts to strengthen our business, increase our flexibility and improve returns on capital. It is our intention to do whatever we can to continually reduce our debt and monitor our Key Performance Indicators for our financial condition to include our cash, accounts receivable and accounts payable. While we amplify our sales and reduce our debt, we also maintain an inventory of $51,425 of cases of our bottled “Be Water” Brand ready to ship to Amazon and throughout the country. Our new “Be Water” Label production run begins next week.”
Finally, we are in the process of finalizing a share buyback of our stock. This common share buyback will reduce our common share count by over 280 million shares. We are confident that each of these financial actions offer improved security during these uncertain times and better positions us to pull the trigger on future partnership or acquisition opportunities while preparing us for unprecedented growth.”
About Greene Concepts, Inc., Mammoth Ventures, Inc. and Water Club, Inc.
Greene Concepts, Inc. (http://www.greeneconcepts.com) is a publicly traded company. Through its recently acquired wholly owned subsidiary, Mammoth Ventures Inc., the Company has entered the specialty beverage and bottling business and is an emerging leader in the global scientifically formulated beverage industry. Through its subsidiary Water Club, Inc. we intend to pursue subscription-based delivery of water and scientifically formulated beverages directly to the consumers home and market the convenience of this service thru social media affiliate marketing partners.
Safe Harbor: This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company’s current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company’s business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission and OTC Markets, Inc. OTC Disclosure and News Service. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Greene Concepts, Inc.